Troy Chooses One Monument Square Developer
The City of Troy has chosen a developer for its latest vision for One Monument Square. The site of the former city hall has seen several failed starts over the years.
Troy Mayor Patrick Madden, a Democrat, says he’s delighted to work with developer Hoboken Brownstone Company for the latest incarnation of One Monument Square.
“I think they bring a lot to the table. The community has spoken, has made its desires clear on this. So there’s no mistaking where we’re headed and I’m very optimistic this time,” said Madden.
The agreement with the New Jersey-based developer was announced this week, with a meet-and-greet Tuesday.
Sumeet Gupta, a partner at Hoboken Brownstone Company, said he believes Troy has energy, vibrancy, and creativity.
“As I brought the partners from Hoboken up to the area, they really bought into the vision of what the city stood for and where the city officials really saw the 10-year vision for that market,” said Gupta.
Four firms submitted proposals for the 1.2-acre parcel on River Street this spring.
The current vision for One Monument Square involves access to the Hudson River, opportunity for small businesses, and incorporating public space. The site has stood empty since the old city hall was torn down in 2011.
In June 2018, consultants were brought in to hold four nights of public meetings on the project. In November, a concept was rendered using input taken from city residents.
Consultant Ian Law of PLACE Alliance spoke as he walked residents through a 3D model of a concept that connected River Street to Riverfront Park.
“Currently you don’t have a great civic plaza. A place that you can program for all sorts of things and for the community to come together. And frankly, you don’t have another spot besides this one that works as well as this one could. And that also goes true for in the park. You don’t have a great green space, a flexible, open green space within the downtown. All great cities have them. You need one. And we’ve got to figure out a way to make that work within the park,” said Law.
Gupta said Hoboken Brownstone Company is envisioning a project that incorporates housing and space for businesses, particularly the city’s growing tech sector.
“So we’re looking to have an apartment building on top in what’s going to be on the first and second floor right now – based on feedback we’ve had from community stakeholders – right now we’re thinking about a little bit of office component, a little bit of retail component, and the idea being the retail as being a continuity of River Street. There’s all sorts of growth potential from the tech culture that’s being incubated there to incorporating co-working spaces or tech innovation hubs,” said Gupta.
Gupta said there’s “no question there are complexities with the site” – the site is sandwiched between the street and the Hudson River, and also contains a utility corridor – but said he thinks it could be the “iconic piece” of the Troy market.
The last idea for One Monument Square, a movie theater complex, failed in 2017.